The disruption of 2022 has helped the chemical industry position itself to lead the coming materials transformation. But with macroeconomic indicators such as volatile energy prices, higher costs, and the fracturing of trading patterns signaling uncertainty in the global economy, how can companies plan to overcome potential headwinds and position themselves for a bright long-term future? Our 2023 chemical industry outlook explores four trends that are top of mind for business leaders in the year ahead.
The racecourse on which US chemical companies run has been dramatically altered in 2022, setting the trajectory for the next major change and greater sustainability in the chemical industry. This evolution will likely continue in 2023 amid an emerging new industrial policy in the United States, evolving consumer preferences, supply chain challenges, and economic uncertainty. But chemical companies have stewarded a good “war chest” for these uncertain times. As an industry, businesses in the United States have performed well in recent years.
Chemical producers can play a crucial role in effectively tackling climate change. Chemicals and materials are ubiquitous in a modern-day lifestyle, and for chemical producers to operate in an evolving global geopolitical landscape, there will be a strong need to make fundamental changes, either proactively or reactively. In the coming year, chemical companies will likely have to plan for challenges—from global inflation to oil price volatility. This combination could make 2023 an important year for a strategic shift. Explore the four trends below that will likely influence the direction of the industry over the next 12 months.